1. Prepare a journal entry for each of the following transactions. a) Miracle Body Corporation sells 10,000 shares of P10 par common stock for P13.25 per share. b) Miracle Body Corporation sells 5,000 shares of P50 par, 10%, cumulative preferred stock for P55 per share. c) Received a building with a market value of P160,000, and issued 6,400 shares of P10 par common stock in exchange. d) Miracle Body Corporation reports net income of P70,000 at the end of its first year of operations.
1. Prepare a journal entry for each of the following transactions. a) Miracle Body Corporation sells 10,000 shares of P10 par common stock for P13.25 per share. b) Miracle Body Corporation sells 5,000 shares of P50 par, 10%, cumulative preferred stock for P55 per share. c) Received a building with a market value of P160,000, and issued 6,400 shares of P10 par common stock in exchange. d) Miracle Body Corporation reports net income of P70,000 at the end of its first year of operations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Prepare a
a) Miracle Body Corporation sells 10,000 shares of P10 par common stock for P13.25 per
share.
b) Miracle Body Corporation sells 5,000 shares of P50 par, 10%, cumulative
stock
c) Received a building with a market value of P160,000, and issued 6,400 shares of P10
par common stock in exchange.
d) Miracle Body Corporation reports net income of P70,000 at the end of its first year of
operations.
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